myHQ, a collaborative coworking model in India, has raised a funding of $5,00K in a round led by Anupam Mittal (Founder of People Group – Shaadi.com). The round also saw participation from Sachin Bhatia (Founder of TrulyMadly and MakeMyTrip), Nitish Mittersain (CEO & Founder of Nazara Tech), Singapore Angel Network, Outbox Ventures, GEMBA Capital and other angel investors from the online platform LetsVenture.
myHQ plans to utilize the funds in expanding to over 200+ spaces across 3 cities, strengthen its technology to provide a standardized and consistent work experience and to build a strong offline and online community.
Founded in 2016 by IIT Delhi alumnus Utkarsh Kawatra and Vinayak Agarawal, myHQ is building a chain of collaborative work spaces by taking up curated spaces inside well designed cafes, lounges and offices. Whether it is a pub which is not operational during the day or a café which has unused inventory – myHQ exclusively focusses on such spaces and converts them into hassle-free work zones. myHQ already has a strong presence in Delhi/NCR with over 60 spaces and 4000+ community members using the spaces regularly.
myHQ with its subscription based model frees the user from all the hassles of a workspace: Free from deposit, free from monthly rental, free from commitment to any one work space. With a myHQ subscription, the users get access to myHQ spaces at all its location with lifetime validity and standardised work amenities such as high speed Wi-Fi, office stationery, free printing, optimal lighting and seating, and exclusive F&B offers.
Commenting on the development, Utkarsh Kawatra, Cofounder & CEO of myHQ, said, “Our expansion plans with this round of funding are totally in sync with our aim to provide plug-n-play and affordable workspaces in every neighbourhood. With the growing demand for coworking across the country, our asset light technology enabled approach sets us apart and ensures we are able to run operationally profitable centres in each neighbourhood while being the most economical solution in the market”
Talking about the investment, Anupam Mittal, Founder of People Group (Shaadi.com), said, “India is primarily an SME and freelance economy which is only going to accelerate in the coming years. The major coworking space players in India are geared more towards corporates and can be too expensive for the SME/freelancer market- On the supply side, India is a high rent retail market and so existing spaces like cafes, offices, hotels need to supplement their income. myHQ provides a neat, technology enabled way to do this.”
Beyond proving a work space, myHQ also supports freelancers and SMEs by helping them grow their business. The myHQ mobile app provides the users a platform to manage their subscription, reserve spaces and network with other like-minded community members.
In addition, Outbox Ventures and Angad Pasricha of TCNS (/W for Women) were the initial investors in myHQ with a funding of $100K in July 2016.
myHQ competes with the likes of Awfis, BHIVE Workplace, Innov8, 91springboard, IndiQube, Creator’s Gurukul, and US-based coworking startup WeWork, among others. Just yesterday, another coworking space provider Awfis has raised an additional $20 million series C funding from marquee investors Sequoia India and Innoven Capital and The Three Sisters: Institutional office TTS:IO led by Radha Kapoor Khanna. Recently, Bengaluru-based IndiQube also secured $15 million (Rs 100 Cr) equity funding in a round led by WestBridge Capital.
Source: BW Disrupt